CPI Aero receives a $12.1 million contract from L3Harris for airborne pod structures supporting U.S. Navy operations.
Quiver AI Summary
CPI Aerostructures, Inc. has been awarded a contract worth up to $12.1 million by L3Harris Technologies to manufacture airborne pod structures for the U.S. Naval Air Systems Command. This contract will assist L3Harris in delivering operational prototype pods as part of the Next Generation Jammer – Low Band (NGJ-LB) program, which aims to replace the outdated AN/ALQ-99 Tactical Jamming System on the EA-18G Growler aircraft. Deliveries under this contract will begin in 2025 and continue until 2027. The NGJ-LB system is designed to enhance electronic warfare capabilities with a modular architecture that facilitates future upgrades. CPI Aero's CEO, Dorith Hakim, expressed enthusiasm for the partnership with L3Harris and highlighted the importance of this contract in expanding their portfolio of airborne pod programs.
Potential Positives
- CPI Aerostructures, Inc. has been awarded a significant contract worth up to $12.1 million from L3Harris Technologies to deliver airborne pod structures, highlighting its role in crucial defense projects.
- This contract aligns CPI Aero with the U.S. Naval Air Systems Command's strategic initiatives, specifically supporting the Next Generation Jammer – Low Band (NGJ-LB) system, which is essential for modernizing the Navy's electronic warfare capabilities.
- The project affirms CPI Aero's expertise in manufacturing airborne podded systems and bolsters its position in the aerospace supply chain as a key player in both commercial and military sectors.
- Activities under this contract are set to commence immediately, with deliveries starting in 2025, indicating potential for revenue growth and operational expansion over the next several years.
Potential Negatives
- The press release includes a significant disclaimer about forward-looking statements, indicating that the company's future performance is uncertain and could vary materially from the expectations set forth.
- The mention of risks and uncertainties related to forward-looking statements may raise concerns among investors regarding the company's ability to execute its plans successfully.
- By highlighting that the contract's deliveries will not start until 2025 and extend through 2027, the press release suggests a delayed revenue generation timeline, which could affect short-term financial performance expectations.
FAQ
What is the recent contract awarded to CPI Aerostructures about?
CPI Aerostructures received a contract from L3Harris for airborne pod structures worth up to $12.1 million.
What is the purpose of the NGJ-LB pods?
The NGJ-LB pods will replace the AN/ALQ-99 Tactical Jamming System for the EA-18G Growler in the U.S. Navy.
When will deliveries for the NGJ-LB pods start?
Deliveries for the NGJ-LB pods will begin in 2025 and continue through 2027.
What company is CPI Aero collaborating with on this project?
CPI Aero is collaborating with L3Harris Technologies on the Next Generation Jammer program.
What capabilities will the NGJ-LB pods offer?
The NGJ-LB pods will provide advanced processing, increased jamming capability, and modular upgrades for future technologies.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CVU Insider Trading Activity
$CVU insiders have traded $CVU stock on the open market 7 times in the past 6 months. Of those trades, 7 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $CVU stock by insiders over the last 6 months:
- RICHARD C ROSENJACK purchased 5,000 shares.
- PAMELA LEVESQUE purchased 10,000 shares.
- RICHARD S CASWELL has traded it 4 times. They made 4 purchases, buying 15,000 shares and 0 sales.
- BOND E CAREY purchased 10,000 shares.
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$CVU Hedge Fund Activity
We have seen 9 institutional investors add shares of $CVU stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RENAISSANCE TECHNOLOGIES LLC added 71,300 shares (+561.4%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 23,926 shares (-30.8%) from their portfolio in Q3 2024
- WEALTH ENHANCEMENT ADVISORY SERVICES, LLC added 18,000 shares (+inf%) to their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP removed 12,562 shares (-9.0%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 10,148 shares (+inf%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 8,509 shares (+33.2%) to their portfolio in Q3 2024
- NEWEDGE ADVISORS, LLC added 4,997 shares (+23.1%) to their portfolio in Q3 2024
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Full Release
EDGEWOOD, N.Y., Dec. 11, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU), a leading manufacturer of structural assemblies in both the commercial and military defense aerospace markets, announced today that it was awarded by L3Harris Technologies (NYSE: LHX) a contract not-to-exceed $12.1 million to deliver airborne pod structures. This contract supports L3Harris’ delivery of operational prototype pods to the U.S. Naval Air Systems Command for fleet assessment and additional test assets for airworthiness and design verification. The NGJ-LB pods will fly on the EA-18G Growler and will support the Navy’s plan to replace the aging AN/ALQ-99 Tactical Jamming System. This first NGJ-LB contract to CPI Aero will commence immediately with deliveries starting in 2025 and extending through 2027.
The Next Generation Jammer – Low Band (NGJ-LB) is an advanced airborne electronic warfare system. L3Harris’ solution consolidates advanced processing with increased jamming capability and will be easier to maintain than the Navy’s current system through a modular, open-system architecture that enables seamless upgrades. The L3Harris system will operate with joint and allied forces to provide growth capacity for future technology integration to stay ahead of adversarial capabilities. NGJ-LB is scheduled to reach early operational capability in 2029.
“This new contract is a big win for CPI Aero and a new milestone for our team. We are excited to be the pod structure provider for L3Harris on the 2 nd Increment of the Next Generation Jammer Program. This Program joins several other previously announced new airborne pod programs at CPI Aero, including the Next Generation Jammer - Mid Band Program,” stated Dorith Hakim, President and CEO of CPI Aero.
Added Ms. Hakim “We look forward to working with our new customer, L3Harris on this transformational development program and leveraging our expertise and significant experience manufacturing airborne podded systems.”
About CPI Aero : CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI Aero also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com , and follow us on Twitter @CPIAERO .
| Contacts: | |
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Investor Relations Counsel
LHA Investor Relations Jody Burfening (212) 838-3777 [email protected] |
CPI Aerostructures, Inc.
Philip Passarello Chief Financial Officer (631) 586-5200 [email protected] www.cpiaero.com |
